Jauch AP-Macroeconomics - Unit 1

Someone makes a ________when they give up something to get something else.

The labor force is the sum of Employment & ______

This is the willingness of people to organize & assume risks involved with business ventures

Efficient production exists when the economy is _____

This is the study of the economy as a whole.

Land, Labor, Capital, and Entrepreneurship is known in economics as the_______.

All Resources are ________

This is the study of how people make decisions & how those decisions affect others in the econ.

These are periods of economic downturns when output and employment are falling.

The real cost of an item is its __________ or what you must give up in order to get it.

we usually lump together changes in demand due to fads, and so on under the heading __

increase in an econ. resources & progress in technology, are the two general sources of this.

This branch of Economic analysis makes prescriptions about the way the economy should work.

this economic disaster lasted from 2008 until 2010

People who better understand the econ. from the gov. perspective tend to use this analysis

Coal, Corn and paper are associated back to this main resource.

this economic disaster lasted from 1929 until the late 1930s

In a given economy, __________ is the total number of people currently working for pay.

This is the short-run alternation between economic downturns and economic upturns.

This is the branch of economic analysis that describes the way the economy actually works.